Gates County, North Carolina Housing Market Prices
Gates County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 49% below the North Carolina median Cheaper than 70% of counties in North Carolina$142,465
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Median rent 7% below the North Carolina median More expensive than 76% of counties in North Carolina$1,142
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Gates County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,465 | $278,288 | $248,835 |
| Price Trend (Annual %) | 20.3% | 9.3% | 7.5% |
| Median Gross Rent | $1,142 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 5.5% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gates County is about 49% lower than in North Carolina. Rent is about 7% lower than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Gates County, up about 20.3% and 5.5% a year respectively. Home prices are changing faster.
Median rent in Gates County rose about 47.3% between 2015 and 2024, from $776 to $1,142. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Gates County.
Buying the median-priced home in Gates County costs roughly 10.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Gates County. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Gates County | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,465 | $278,288 | $248,835 |
| Median Household Income | $64,008 | $72,438 | $80,455 |
| Price-to-Income Ratio | 2.2 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Gates County rose about 191.8%, while median household income rose about 23.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Gates County | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.2% | 58.3% | 58.5% |
| Rental Rate | 16.6% | 29.2% | 31.2% |
| Vacancy Rate | 13.2% | 12.5% | 10.2% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Gates County has a homeownership rate of 70.2%, higher than the North Carolina average of 58.3%. Its housing vacancy rate is 13.2%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Gates County | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1987 | 1989 | 1978 |
| Median Number of Rooms | 6.1 | 5.6 | 5.5 |
The typical housing unit in Gates County was built around 1987. On average, 2.5 people live in a home with about 6.1 rooms, staying for about 20.0 years on average.
Gates County, NC Housing Compared With Nearby Counties
How Gates County, NC compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Gates County, NC | 10,369 | $142,465 #3/3 | $1,142 #1/3 | 80.9% #1/3 |
| Chowan County, NC | 13,836 | $445,528 | $681 | 70.5% |
| Perquimans County, NC | 13,244 | $431,928 | $1,008 | 76.5% |
Frequently Asked Questions
Common questions about the housing market in Gates County, North Carolina.
What is the median home price in Gates County, North Carolina?
The median home price in Gates County, North Carolina is $142,465, lower than the North Carolina average of $278,288.
What is the average home price in Gates County, North Carolina?
The typical home price in Gates County, North Carolina, reported as the median sale price, is $142,465. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Gates County, North Carolina?
The median gross rent in Gates County, North Carolina is $1,142 per month, lower than the North Carolina average of $1,227.
What was the median gross rent in Gates County in 2020?
In 2020, the median gross rent in Gates County, North Carolina was $955 per month.
What is the price-to-rent ratio in Gates County, North Carolina?
The price-to-rent ratio in Gates County, North Carolina is about 10.4, meaning it would take roughly 10.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Gates County.
Are home prices or rent rising faster in Gates County, North Carolina?
Both home prices and rent are rising in Gates County, up about 20.3% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gates County, North Carolina?
70.2% of households in Gates County, North Carolina own their home, higher than the North Carolina average of 58.3%.
What is the vacancy rate in Gates County, North Carolina?
The housing vacancy rate in Gates County, North Carolina is 13.2%, higher than the North Carolina average of 12.5%.
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